VAT, fuel price hikes will deepen Nigeria’s cost-of-living crisis – Atiku warns
Former Vice President Atiku Abubakar has strongly criticized the federal government’s decision to increase Value Added Tax (VAT) from 7.5% to 10%, along with the recent hike in fuel prices by the Nigerian National Petroleum Corporation Limited (NNPCL). Atiku expressed his concerns on Sunday via his X handle, warning that these policies would further aggravate the already severe cost-of-living crisis in Nigeria.
Describing the situation as a “blazing inferno,” Atiku stated that these regressive policies will intensify the struggles faced by ordinary Nigerians. He accused President Bola Tinubu and his advisers of being out of touch with the hardships of the people, while living in luxury.
“Tinubu’s actions show a blatant disregard for the plight of the less fortunate,” Atiku stated, pointing out the president’s spending on opulent renovations, jets, and vehicles.
READ ALSO: Presidential Tax C’mtee plans to increase VAT from 7.5% to 10%
He added that the rising taxes and fuel prices have had a detrimental impact on businesses, leading to job losses and greater suffering among the poor. According to Atiku, the manufacturing sector has been particularly hard-hit, with its GDP contribution falling by over 20% since December 2023, as reported by the National Bureau of Statistics (NBS).
Atiku also criticised a new agricultural policy announced in early August, which allows the duty-free importation of commodities like wheat and maize, despite opposition from local farmers. He warned that this policy could undermine Nigeria’s food security and threaten job creation in the agricultural sector.
“President Tinubu and his advisers should focus on sustainable solutions to Nigeria’s economic challenges, rather than introducing policies that will only add to the turmoil,” Atiku concluded.
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